Wrong. My understanding of a royalty is that, by its very...

Wrong. My understanding of a royalty is that, by its very nature, it is not 'secured on the land'. Think about it in terms of an apple tree and the apples it produces. We have a right to a portion of the profit from the apples sold. We do not have a right to any part of the apple tree. Here it is a right, conferred by contract, to 1% of the gross iron ore sold by Wonmunna. If the court finds in FMG's favour it is possible that we will lose our royalty and be left to pursuing MIN for damages arising out of a breach of contract. Just my 2 cents worth. Do your own research.